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- Datin Chan Bee Leng is the wife of Datuk Low Tuck Choy, the son of the founder of Ho Hup, who ceased to be a substantial shareholder of the company on Oct 22, 2025. Her son, Kheng Lun, was removed from the board via an extraordinary general meeting (EGM) called by substantial shareholder Omesti Holdings Bhd (KL:OMESTI).
KUALA LUMPUR (Dec 1): Ho Hup Construction Company Bhd’s (KL:HOHUP) shareholders have rejected the re-election of the founding family’s last board member Datin Chan Bee Leng and blocked RM500,000 in directors’ fees at Monday’s annual general meeting.
Chan is the wife of Datuk Low Tuck Choy, the son of the founder of Ho Hup, who ceased to be a substantial shareholder of the company on Oct 22, 2025. Her son, Kheng Lun, was removed from the board via an extraordinary general meeting (EGM) called by substantial shareholder Omesti Holdings Bhd (KL:OMESTI).
A filing with the bourse showed that 17 shareholders, representing 96.1% of the votes, voted against the motion to re-elect Chan as director. This was versus 10 shareholders, holding 3.9% of the votes, supporting her re-election as director.
Ho Hup’s 12 shareholders, representing nearly 70% of votes, rejected directors’ fees for January-June 2025 and the 2026 financial year, while 13 shareholders, holding 30.08%, supported it.
Chan’s rejection and the move to refuse directors’ fees come on the heels of a boardroom tussle involving the founding Low family and Omesti.
The dispute escalated after Omesti issued a notice on Oct 22 calling for an EGM to remove executive directors Kheng Lun and Datuk Wong Kit-Leong from the board.
The Nov 20 EGM saw the two replaced with Omesti’s appointees Ong Koon Loong and Bernard Chen Tong Liang.
Low Chee Group, the Low family’s investment vehicle, stopped being a major Ho Hup shareholder on Oct 16. A year ago, it held 9.09%, making it the second-largest shareholder after Omesti’s 10.89%.
Ho Hup, which has been in the red since 2021, became a Practice Note 17 company in April after its wholly owned Bukit Jalil Development Sdn Bhd defaulted on RM112.69 million in loan facilities, for which Ho Hup is the guarantor.
Ho Hup narrowed its losses to RM1.7 million for the first quarter ended Sept 30, 2025, compared with a net loss of RM18.7 million for the same period a year before. This was on nearly half the revenue of RM2.2 million that it posted for the same quarter in the financial year 2025.
The company shifted its financial year end from end-December to end-June in February this year. For the 18-month period ended June 30, 2025, Ho Hup’s net loss stood at RM473.25 million with revenue of RM57 million.
On Monday's noon break, shares in Ho Hup were unchanged at five sen, valuing the company at RM26 million. Year to date, the stock has fallen 68%.
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